Drake launches More Life cannabis company in Toronto

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Canopy Growth has the right to nominate two directors to the More Life board as well as a pre-emptive right to maintain its ownership interest in the company. Swiss National Bank now owns 759,400 shares of the marijuana producer's stock worth $30,657,000 after acquiring an additional 37,500 shares during the period. The company reported a net loss of $1.3 billion in the quarter ended June 30. Wedbush Securities Inc. raised its position in shares of Canopy Growth by 7.9% in the third quarter. The fund owned 327,921 shares of the marijuana producer's stock after purchasing an additional 10,094 shares during the quarter.

But how does Canopy (along with other licensed producers) keep managing to partner with celebrities, given that celebrity endorsement (of real or fictional characters) is strictly verboten by the promotion prohibitions of the Cannabis Act?

"U.S. -listed shares of Canopy (CGC.N), which a year ago drew a major investment from Corona-brewer Constellation Brands, rose around 3% in early trading". 3,720,188 shares of the company were exchanged, compared to its average volume of 4,940,937.

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The announcement isn't particularly surprising to those familiar with Canopy's roster of celebrity-backed brands, with stars like Martha Stewart, Seth Rogen, and Snoop Dogg having previously signed on with the cannabis behemoth. The business has a fifty day moving average price of $22.15 and a 200-day moving average price of $33.79.

Canopy Growth (NYSE:CGC) last announced its earnings results on Wednesday, August 14th. Canopy Growth Corporation Common Stock had 13 analyst reports since May 13, 2019 according to SRatingsIntel. The business had revenue of $67.65 million for the quarter, compared to analysts' expectations of $85.97 million.

A number of other research firms also recently commented on CGC. The stock of Canopy Growth Corporation (NYSE:CGC) earned "Buy" rating by Seaport Global on Monday, August 26. Zacks Investment Research lowered Canopy Growth from a "buy" rating to a "hold" rating in a research note on Wednesday, June 26th. They set a "buy" rating and a $50.00 price objective for the company. Jefferies Financial Group lowered their target price on Canopy Growth from C$77.00 to C$25.00 in a research note on Friday, October 11th.

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